Rents are 3% below what Franklin's 10-year trend predicts — a better deal than its own history suggests.
Rent by unit size
These are HUD Fair Market Rents, the payment standard for a Housing Choice Voucher (Section 8). They often differ from the $1,687 market median above, and that is expected: FMR is the 40th percentile of standard-quality units and counts gross rent, so it includes essential utilities such as electricity, water, gas, sewer, and trash. The market median is asking rent, which usually excludes utilities. HUD sets FMR once a year; market rent here updates monthly.
Source: HUD Small Area Fair Market Rents. Read the methodology →
12-month history
Last updated: October 17, 2026
What the numbers show
January. Asking rents in Franklin usually run 1.5% below trend in January and 1.2% above it in July, about $46 a month apart at today's median. Based on 9 years of data.
Rent in Franklin is at its highest level since Zillow's records here began in May 2016.
Rent in Franklin changed +4.8% over the year to September 2026. Across the 49 Indiana cities Zillow tracks, the typical change was +4.5%.
From 2019 to 2024, rent in Franklin rose 41.9% while median household income rose 37.5% ($59,930 to $82,380). Rent outpaced income.
Rent in Franklin is 51.3% higher than in March 2020. Across the US, rent is up 37.3% over the same stretch.
Rent has risen 4 months in a row, and rose in 10 of the last 12 months.
30% of the median household income ($82,380) is $2,060 a month. That covers HUD's Fair Market Rent for up to a 4-bedroom ($1,940).
Shelbyville, 15 miles away, rents for 36% less ($1,083/mo), about $7,200 a year in savings.
From Zillow's monthly rent index (ZORI) for Franklin. The seasonal pattern compares Zillow’s seasonally adjusted and unadjusted series. Income is the Census median household income (5-year estimates). Fair Market Rents are HUD’s, which include utilities.
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Who lives here
Franklin, IN is majority owner-occupied, 27.8% of residents hold a bachelor's degree or higher.
Source: U.S. Census Bureau · ACS 2024 5-Year Estimates
How Franklin, IN has changed in 5 years
Compared with 2021, rent in Franklin, IN has increased by $459 per month, settling near $1,687 after starting the period at $1,228. Household income in the area moved from $63,518 to $82,380 across the same window, up 29.7% versus 2021. Rent outpaced income growth by roughly 7.7 percentage points, which means renters are spending a larger slice of each paycheck on housing than they did in 2021. Headcount in the area went from 25,112 to 26,168 between 2021 and 2024, a 4.2% change. About 34.3% of households rent today, against 36% in 2021. Educational attainment has shifted as well, with the share of adults holding a bachelor's degree or higher climbed from 21% to 27.8%. Reading these numbers side by side helps frame whether current listings in Franklin, IN look reasonable against where the market sat half a decade ago.
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At $1,687/mo, how Franklin rent compares to typical pay (30% rule).
Franklin rent by bedroom count
Median rent for each apartment size in Franklin. Click any size for full breakdown.
Tips for renters in Franklin
Last updated: October 17, 2026
The median rent in Franklin is $1,687/mo as of October 2026. A studio apartment averages $920/mo while a 2-bedroom runs $1,230/mo. One-bedroom apartments average $1,050/mo and 3-bedroom units go for $1,600/mo.
At 25% of local median household income ($82,380/yr), Franklin ranks as affordable compared to the national benchmark of 30%. Rents have increased 4.8% over the past year.
Frequently asked questions
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Which nearby cities are cheaper to rent in than Franklin?
At $1,687/mo, rent takes ~25% of Franklin's median household income ($82,380/yr). The standard benchmark is 30%.
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Estimated from ZIP-level data
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